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PARIS CLUB

Statistics Directorate    
French Equivalent: Club de Paris

Definition:
The Paris Club is a forum of official creditors for negotiating debt restructuring. It is an informal intergovernmental group convened to renegotiate debts to official creditors.

Context:
An informal group of creditor governments that has met regularly in Paris since 1956 to reschedule bilateral debts; the French Treasury provides the secretariat. Creditors meet with a debtor country to reschedule its debts as part of the international support provided to a country that is experiencing debt servicing difficulties and is pursuing an adjustment program supported by the IMF.

The Paris Club does not have a fixed membership, and its meetings are open to all official creditors that accept its practices and procedures. The core creditors are mainly OECD Member countries, but other creditors attend as relevant for a debtor country. Russia became a member in September 1997. (IMF, 2003, External Debt Statistics: Guide for Compilers and Users – Appendix III, Glossary, IMF, Washington DC. Available from
http://www.imf.org/external/pubs/ft/eds/Eng/Guide/index.htm).

Source Publication:
External Debt: Definition, Statistical Coverage and Methodology, A Report by an International Working Group on External Debt Statistics of the World Bank, IMF, BIS, OECD, OECD, Paris, 1988, Glossary.

Statistical Theme: Financial statistics

Created on Tuesday, September 25, 2001

Last updated on Friday, December 02, 2005